The uniqueness of signature problem in the non-Markov setting

We establish a general framework for a class of multidimensional stochastic processes over [0,1] under which with probability one, the signature (the collection of iterated path integrals in the sense of rough paths) is well-defined and determines the sample paths of the process up to reparametrization. In particular, by using the Malliavin calculus we show that our method applies to a class of Gaussian processes including fractional Brownian motion with Hurst parameter H>1/4, the Ornstein–Uhlenbeck process and the Brownian bridge.

The environmental setting of Epipalaeolithic aggregation site Kharaneh IV

The archaeological site of Kharaneh IV in Jordan's Azraq Basin, and its relatively near neighbour Jilat 6 show evidence of sustained occupation of substantial size through the Early to Middle Epipalaeolithic (c. 24,000 - 15,000 cal BP). Here we review the geomorphological evidence for the environmental setting in which Kharaneh IV was established. The on-site stratigraphy is clearly differentiated from surrounding sediments, marked visually as well as by higher magnetic susceptibility values. Dating and analysis of off-site sediments show that a significant wetland existed at the site prior to and during early site occupation (~ 23,000 - 19,000 BP). This may explain why such a substantial site existed at this location. This wetland dating to the Last Glacial Maximum also provides important information on the palaeoenvironments and potential palaeoclimatic scenarios for today's eastern Jordanian desert, from where such evidence is scarce.

Endogenous managerial compensation contracts in experimental quantity-setting duopolies

Given the ongoing debate on managerial compensation schemes, our paper offers empirical insights on the strategic choice of firms' owners over the terms of a managerial compensation contract, as a commitment device aiming at gaining competitive advantage in the product market. In a quantity setting duopoly we experimentally test whether firms' owners compensate their managers through contracts combining own profits either with revenues or with relative performance, and the resulting managerial behaviour in the product market. Prominent among our results is that firms' owners choose relative performance over profit revenue contracts more frequently. Further, firms' owners successfully induce a more aggressive behaviour by their managers in the market, by setting incentives which deviate from strict profit maximization.

Research agenda for the built environment in Latin America

This paper disseminates the outcomes of a series of interdisciplinary and multi-sector research seminars that focused on current development problems in a region of fast urban growth. Qualitative data was collected during round table discussions and workshops involving practitioners and government officials from some of the largest economies in Latin America. The authors then grouped these discussions into coherent themes and framed them into current scholarly debates. After assessing the suitability of theory to respond to practice, the paper concludes with four key areas for further research, with the final aim to encourage more scholarly analysis that can better inform development policy in emerging economies.

Coloso fragmentado: la agenda “interméstica” y la política exterior latinoamericana

Los asuntos “intermésticos”, como el comercio, la migración y el narcotráfico, tienen un gran peso en las relaciones contemporáneas entre Estados Unidos y América Latina y son de suma importancia para los estados latinoamericanos y del Caribe. Pero, pese a su trascendencia para los líderes y las sociedades de Latinoamérica, el éxito que han tenido los diplomáticos del continente en influir sobre la política estadounidense en estos temas ha sido aún menor que en otras esferas. Esto se debe, al menos en parte, a las dinámicas que los asuntos intermésticos generan en el proceso de la política exterior de Estados Unidos. Si bien dichas dinámicas han sido ampliamente estudiadas, se ha prestado menos atención a cómo inciden en la política exterior de América Latina y el Caribe hacia Estados Unidos. A partir de los trabajos de Putnam, Milner y Tsebelis, entre otros, este artículo sostiene que los asuntos intermésticos enfrentan más actores con capacidad de veto y tienen menos “conjuntos ganadores” (win-sets) que los asuntos de política exterior tradicionales, lo que dificulta aún más los intentos por influir en las políticas estadounidenses. Esta tesis se examina tomando como ejemplo el caso de la disputa entre Estados Unidos y México por el cruce fronterizo de camiones y los veinte años que el gobierno mexicano tuvo que luchar contra funcionarios y grupos de interés estadounidenses para lograr que aquel país cumpliera con lo dispuesto en el TLCAN. Luego de examinar brevemente otros asuntos similares, el artículo concluye que los asuntos intermésticos exigen estrategias diplomáticas diferentes por parte de los legisladores latinoamericanos.

Internalization theory: an unfinished agenda

Internalization theory is usually applied at the firm level to analyse FDI, licensing and subcontracting, but this paper extends it to the industry level. It synthesises internalisation theory and oligopoly theory. It analyses a global industry where firms innovate competitively, and freely enter and exit the industry. It presents a formal model which highlights the inter-dependencies between rival firms. Each firm responds to its rivals by jointly optimising production and innovation through inter-dependent ownership and location decisions. The competitive outcome determines which firms serve which markets, which firms enter or exit the industry, and the internalisation strategy of each firm.